Oil Hits $80 A Barrel For First Time

AP:

Oil futures prices rose sharply Wednesday, briefly climbing above a record $80 a barrel after the government reported a surprisingly large drop in crude inventories and declines in gasoline supplies and refinery activity.

The report from the Energy Department's Energy Information Administration suggested oil supplies are tightening as demand remains strong. That's why oil prices are rising despite OPEC's decision on Tuesday to boost crude production by 500,000 barrels per day this fall, analysts said.

Read the whole story: AP

Comments

[Audacity Of Hype]

07:21 PM on 09/12/2007

Did someone say liquified coal?

[GiveMeStrength]

05:09 PM on 09/12/2007

After the Bush crime family attacks Iran; early enxt year is my guess, $80 a barrel oil will look at the "good ol'e days"

Heil Bush!

[dadw5boys]

05:20 PM on 09/12/2007

$80.00 a barrel for oil will stop the American Congress from pulling out of Iraq is what the Saudi's are thinking.